20 July 2015

SP 500 and NDX Futures Daily Charts - Roll Over Beethoven

If you have not done so already, it is probably time to take profits in US equities.

The advance is so narrow it is almost chilling, with the upward momentum in stocks down to a handful of new era tech giants.

Down volume was almost double up volume on the broader market. The wiseguys were taking profits.

The Paypal 'ipo' was brought out today in the fluffy new era atmosphere, and did well. And this was probably the greatest motivator behind this latest 'rally.'

IBM beat EPS estimates but missed revenues after the bull. IBM is, alas, a once great company that is now a dead man walking, sustained by accounting theatrics at these price levels.

These jokers are financial TV are incredible. I watched CNBC this afternoon and I could almost feel my IQ declining. They could, and probably should, be selling blenders on the Home Shopping Network.

Have a pleasant evening.